Vancouver’s most expensive oceanside mansions could get even pricier if council green-lights a proposed closure of Point Grey Road, while neighbours to the south could see their property values drop, a real estate expert told The Province.
“It would really increase the sales prices of homes along Point Grey Road,” said Tsur Somerville, a professor at UBC’s Sauder school of business.
The proposed closure would push 10,000 commuter cars off Point Grey Road between Macdonald and Alma, helping link cyclists from the Burrard Street Bridge to Jericho Beach.
The quieter streets could make Point Grey’s beautiful properties even more appealing, Somerville said.
But neighbours in the blocks south of Point Grey could see a drop in property value if cars start taking shortcuts through the residential streets as a means to dodge congestion on 4th Avenue.
“It could have negative effect on the cost of these homes if it increases traffic there,” he said.
The 1-kilometre stretch of Point Grey road is home to a handful of B.C.’s elite; Lulu Lemon billionaire Chip Wilson reportedly owns Metro Vancouver’s most expensive home at 3085 Point Grey Rd., valued at a whopping $35 million.